Debt service suspension initiative between Ethiopia and the Saudi Fund for Development is signed.
Minister of Finance Ahmed Shide met with Ambassador of Saudi Arabia in Ethiopia Fahad Alhumaydani and delegates from the Saudi Fund for Development. They discussed on matters related to boosting the economic cooperation between the two countries. On the occasion, a memorandum of understanding on debt service suspension initiative is signed.
Debt service suspension initiative between Ethiopia and the Saudi
The insurance giant, Ethiopian Insurance Corporation, registers gigantic performance
The insurance giant, Ethiopian Insurance Corporation, registers gigantic performance in the just-ended financial year. Claim payment spikes by 327 percent.
The state-owned company disclosed that in the 2021/22 financial year it secured 1.3 billion birr that expanded by 17.1 percent of the preceding year.
In the year the company underwriting result was 1.8 billion birr that increased by 29.1 percent from the performance attained in the 2020/21 financial year.
Its revenue from investment and others sources has also stood at 528.3 million birr with 10.3 percent year on year growth.
The gross written premium for the year has increased by 7.3 percent to reach 6.5 billion birr.
However in the year the claim settlement has been spiked by 327 percent to stand at 5.4 billion birr.
EIC’s CEO Netsanet Lemessa, said that even though the amount of claims paid was significantly increased compared with the preceding year it was still 33.7 percent lower from the projection that the company set for the year
The prolific Josef Bican
In 2022 Cristiano Ronaldo broke the record of the largest number of goals scored in official football matches. Currently, betting in Kenya is possible on 1xBet website on such amazing goal scorers.
However, the record that now is held by the Portuguese wasn’t possessed by Pelé, Maradona or Messi. In fact, the previous record holder was Josef Bican, who is considered as one of the best players in Austria and Czechoslovakia.
Bican played professionally between 1931 and 1957. During that time, according to the Rec.Sport.Soccer Statistics Foundation, he scored 805 goals. If friendlies and other non-official matches are also taken into consideration, the number almost reaches 2000. Right now, betting in such great players who never get tired of scoring goals is possible on the great 1xBet Kenya website.
Part of the Austrian Wunderteam
Bican started his career in Rapid Vienna and Admira Vienna. In total, he played in Austria for 6 years, between 1931 and 1937. The Austrian league is also featured at the www.1xbet.co.ke/live/ website, where lots of live wagering opportunities await.
During that time he was called for the Austrian national football team. This squad was known as the Wunderteam, and it is one of the best Austrian teams ever. They reached the semi-finals of the 1934 FIFA World Cup. The 1xBet website features live bets in all the matches of the FIFA World Cup.
Switching allegiances
In 1936 Bican did something that is quite unusual nowadays. He decided to start playing for the Czechoslovakian national football team rather than for the Austrian team. The 1xBet iOS app download and install procedure can be done very easily, and from there, it is possible to bet on Austria, Slovakia and the Czech team.
After changing the national team that Bican wanted to represent, he went to play on numerous other clubs at a domestic level. They include:
- Slavia Prague;
- Dynamo Prague;
- FC Vítkovice;
- and TJ Slovan Liberec.
In general, Bican played in the Czechoslovak league between 1937 until his retirement in 1957. During that time, he became the top scorer in the history of Czechoslovakia. In fact, this record hasn’t been broken in the independent Czech and Slovak leagues. During that time, Bican scored 447 goals, which is a staggering number.
Speaking about Bican’s abilities, he was a physically strong player who was capable of shooting with both feet. Also, he had a powerful header and was also a very fast sprinter. In fact, it was measured that he could run 100 meters barely under 11 seconds. This was quite close to what professional athletes could do at the moment. It is possible to download and install the 1xBet app for iOS totally free to start wagering on all great players and squads.
DBE asks for 300 million USD injection
The Development Bank of Ethiopia (DBE) requests the National Bank of Ethiopia for 300 million dollars so as to provide foreign currency to its customers. The policy bank similarly has tabled 30 billion birr to be approved for provision of loans during the current Ethiopian 2022/23 fiscal year.
During the annual review of DBE’s performance by the Public Enterprises Holding and Administration Agency (PEHAA) held Thursday this week, Yohannes Ayaleu, president of the bank indicated that there was an increase and high investment demand despite having limited resources. And as the president indicates, the bank projects a 30 billion birr need to bridge the gap in the loan department.
Similarly, in order to fulfill its customers demand in terms of foreign currency the bank has requested NBE to facilitate 300 million dollars. “We have been getting foreign currency from projects that we have provided loans to, mainly from the horticulture sector. However as lots of projects have finalized paying their loan, thus we require some foreign currency to stay afloat,” said the president.
“Most of the foreign currency sources in the country stem from various sectors development progress,” added president.
The bank announced that it has collected 10 .9 billion birr from the loans it offered to customers during the just concluded fiscal year. Moreover, the development bank was able to bring down the level of non-performing loans to 17 percent, excluding projects in the Tigray region.
The president also disclosed that several projects in Tigray region went into bad debt making the year quite challenging for the bank.
According to Yohannes, the bank collected nearly 11 billion birr from loans and earned a profit of 3.9 billion birr during the fiscal year which was 3.3billion after tax and 600 million birr in dividends paid to the government.
“The bank took quick changes to mitigate the problem and was able to reduce the bad loan level in 2021 from 15 billion birr to 9.1 billion birr in the fiscal year excluding Tigray,” the president stated whilst highlighting progress made by the bank.
According to the president, the Non-Performing Loans in Tigray are at highs of 10 billion birr increasing from 2.4 billion birr before the conflict in the region broke out. In parallel, the European Union has also withheld 70 million Euro’s it had approved to DBE after the war broke out.
With regards to Non-Performing Loans, the development bank has forged synergetic partnerships with partners for companies who are struggling to pay loans.
“We have saved four companies with a combined loan of 6 billion birr, by partnering them with potential partners so as to pay off their debts,” explained the presidents on instances where they rendered assistance.
The bank is also negotiating with potential investors who are interested in buying Ayka Addis, which has been up for sale for years but repeatedly failed to get bought.
“We are negotiating with local potential buyers and we expect positive a result soon,” opined Yohannes.
The bank has planned to collect 14 billion birr from loans in the upcoming fiscal year by strengthening its effort. Similarly, the bank has also set to bring down the level of bad loans from 17 percent in the previous fiscal year to 10 percent in the current fiscal year.
DBE at its core of operations provides loans for commercial agriculture, agro-processing, manufacturing, and extractive industries, particularly export-orientated businesses.
“The bank is planning to support business enterprises through organizing them in share companies. Short-term and long-term trainings were also offered for over 28,000 SMEs to enhance their knowledge and skill in business,” explained the bank’s head.
During the annual review which was led by Finance Minister, Ahmed Shide, the low performance of lease financing was seen as a gap for the bank and suggestions were made to increase the performance of lease financing through giving due attention to the matter. Likewise the Bank’s project performance was found to be low and suggestions were made to improve DBE’s performance for future. At the review meeting, direction was also given to increase the forex acquisition.
